McKinsey: How to improve gender diversity on boards

A new report from McKinsey details the overall lack of gender diversity on company boards and what can be done to improve the disparity.

Research for the report is based on McKinsey's analysis of companies in the S&P 500. McKinsey identified the top companies with the highest percentage of women on their boards as of August 2016.

Here are five things to know about the report, titled "How to Accelerate Gender Diversity on Boards."

1. Companies with the highest percentage of women include Macy's, Best Buy, IPG, Wells Fargo and Ulta. Other top companies are Kellogg, Texas Instruments and Alaska Airlines.

2. Females hold at least 33 percent of board seats at the top 50 companies with the highest percentage of women. Among the most diverse boards, women hold up to almost 60 percent of board seats.

3. Female representation on these top boards has increased an average of 24 percentage points since 2005.

4. McKinsey interviewed the CEOs and board chairs of the top companies regarding what can be done to improve gender diversity. Interviewees included Ulta CEO Mary Dillon and IPG Chairman and CEO Michael Roth.

5. The CEOs and board chairs mentioned a variety of ways to advance gender diversity on boards. They advised other leaders to change their mindset, expand their criteria and maintain an active pipeline while seeking potential board members.